Chainlink (LINK) is currently trading at $12.49, exhibiting a slight decline of 0.01423% over the past 24 hours. The price is hovering near the daily low of $12.40 and has a daily range of 0.29%, indicating limited volatility in the short term.

Volume stands at 262,786,876, translating to a volume/market cap ratio of 2.97%, suggesting moderate trading activity relative to its market capitalization. The price performance over the past week shows a decline of approximately 8.92%, with a more substantial drop of 10.69% over the past 14 days, indicating a bearish trend.

Technical indicators reveal that the 1-hour RSI is at 35, approaching the oversold territory, while the 7-day RSI is at 44, reflecting weak momentum but not yet in the oversold condition. The short-term moving averages (8, 13, and 21 SMA) are all showing negative percentages, indicating downward pressure, while the 55 SMA has shown a slight increase of 0.63%, providing some support.

Chainlink's all-time high of $52.70 from May 2021 highlights the significant distance from current levels, suggesting that the asset is trading at a substantial discount. The ongoing bearish momentum, coupled with the recent price declines, may lead to further short-term selling pressure if the current support levels do not hold.

Given the current technical indicators, particularly the negative momentum across moving averages and RSI readings, the sentiment leans bearish in the short term. Therefore, the recommendation is to Hold LINK until clearer bullish signals emerge, as the potential for a rebound exists, but caution is warranted given the prevailing downtrend.